美国商业银行活期付息存款账户管理费定价研究

发布时间：2018-05-11 10:28

本文选题：商业银行 + 活期付息存款账户　；参考：《西南财经大学》2016年硕士论文

【摘要】：20世纪70年代以来,世界经济发展与国际金融形势都发生了巨大的改变,促使美国在内的西方发达国家的银行也经历了一场大变革。经营环境的改变使银行面临着巨大的外部压力,对盈利性的追逐从内部推动了经营模式的转变,而科技的迅速发展则为金融创新提供了强大的技术支持。美国各商业银行为适应现状纷纷调整发展策略,改变传统的盈利模式,将中间业务的发展放在主要位置,而作为银行中间业务收入项目中的一种,账户管理费也成为银行利润的重要构成部分。尽管对存款账户进行管理费的收取在美国已经是非常普遍的情况,但是却没有足够的文献资料对其具体实施行为进行研究,大部分资料仅从账户管理费收取的原因进行分析,仅有少量资料对其费用水平的影响因素进行了探索。那么,美国商业银行又是如何逐步从提供免费账户转而进行费用收取的呢?银行又是按什么样的标准确定产品和服务价格的呢?商业银行账户管理费的不同又是基于什么样的原因考虑呢?在存贷差额逐渐缩小的现今,商业银行已经无法光靠存贷款等传统业务获取足够的利润,美国商业银行对产品和服务的设计,都将对中国商业银行的产品定价研究起到重要的启发和借鉴作用。本文从金融业最为发达的美国入手,在对美国活期付息存款账户管理费影响因素进行研究时,按照理论与实证相结合的思路。首先分析账户管理费收取的原因及其影响因素的理论依据,其次对分析所得理论进行实证检验,最后对实证结果进行解释和总结。文章主要包括导论、概念界定与相关理论、美国银行存款业务发展状况、理论分析、活期付息存款账户定价、实证分析和总结七个部分。第一部分：导论。这一部分主要阐述本文的选题背景、研究目标、研究内容、分析方法,介绍全文整体构架和创新点。账户管理费的收取关系着客户的选择和银行利润的实现,但由于国内外对其定价进行研究的文献资料都比较少,并且大多偏向对原因的解释,仅有少量文献对其影响因素进行分析,而因此具有较大的研究价值。第二部分：首先,通过概念界定明确本文的研究对象一一活期付息存款账户管理费,并对其进行简单的描述。由于美国对存款账户采取分开定价的模式,因此在接下来的研究中都将把活期付息存款账户的定价分解为利率定价和服务定价两个部分。其次,通过对银行产品定价、利率定价和服务定价相关理论的阐述,梳理出研究对象产生的原因以及文章的研究方向。最后,对所研究对象的相关文献进行梳理。在进行资料查阅时,大部分对利率定价影响因素进行分析的文章都将焦点集中在市场因素方面,这也是由美国利率自由化条件下各银行利率主要由市场利率决定的环境所致。由于较少文献将关注点集中在银行特征和账户特征上,因此本文在分析时会更加注重对这两方面因素的研究。而账户服务定价方面的文献仍然集中于对其产生原因的探求,只有少部分考虑到对其影响因素的分析,并且考虑到的因素以账户特征为重点,因此在本文的实证分析中也将加入更多银行特征进行相关关系研究。第三部分：通过对美国银行存款服务的发展与现状进行简单总结,引出银行存款账户及账户管理费的变化情况。在对活期付息存款账户形式、特点及账户管理费收取情况进行研究时,通过花旗银行、美国银行和南方银行的真实案例分析得出美国活期付息存款产品设计及其构成要素,主要包括：利率、开户起点、日均余额、优惠和服务、惩罚(账户管理费)等。而活期付息存款账户的定价研究一般包含两点：一点是明确定价,通过利率定价向存款人所存款项支付一定的使用费；另一点是隐含定价,通过账户管理费的形式对日均余额和享受的优惠服务次数进行规定,只有在符合日均余额的条件下才能享受免收管理费和更多的优惠服务。本文对活期付息存款账户管理费的研究也通过明确定价(利率定价)和隐含定价(服务定价)两部分展开。第四部分：从理论分析的角度说明收取账户管理费的原因。首先,从银行利润最大化角度入手,确定银行服务与活期付息存款账户最低余额要求之间的关系,通常情况下最低余额要求越高,存款人所能享受到的免费服务越多；其次,通过利率定价理论对活期付息存款账户进行利息支付的原因进行解释,通过契约理论对收取账户管理费这一行为的原因,以及其给存款人带来的激励与约束进行解释。最终,得出账户管理费的收取在一定程度上具有成本弥补、稳定存款人行为的功能。第五部分：将活期付息存款账户定价原理与方法进行细化,通过对账户的分解,确定银行活期存款产品定价的三因素(利率、开户起点和日均存款余额),根据对商业银行的经营目标和定价原则进行分析,可以确定该账户管理费的定价方法。将定价方法分成利率定价和账户管理费服务定价两部分进行分开阐述,为实证分析中相关变量的选取奠定理论基础。第六部分：运用所收集的数据对活期付息存款账户管理费的影响因素进行实证分析。以美国不同资产规模银行的相关数据为基础,通过描述性分析初步确认银行账户构成要素之间的相关关系后,采用实证的方法对活期付息存款账户管理费及其账户构成要素之间的关系进行检验。首先假定它们之间具有显著的相关关系；其次选取变量、设定模型,并且使用Eviews7.2对模型是否存在多重共线性和异方差的情况进行检验,通过模型求得相关系数和显著性水平；最后将理论结果和实证结论进行对比并分析差异产生的原因。在活期付息存款账户管理费的变量选取上既包括账户特征(利率、开户起点、日均存款余额),也包括银行特征(资产、资产增长率、平均资本收益率、平均负债成本),由于解释变量与被解释变量均为连续变量,因此采用多元线性回归模型。第七部分：对全文内容进行总结,并对文章存在的不足进行说明。由于本文所涉及的问题并没有太多的理论支撑,因此在进行定价分析时首先对定价的原因进行分析,其次才是定价相关的影响因素,而影响因素的选取也是本文的创新点所在。在利率定价方面,将利率的范围限定在活期存款账户上,不同于以往对市场因素的大量考虑,选取账户特征以及银行特征进行回归分析。在服务定价方面,也将范围选定在活期付息存款账户上,同时加入更多反映银行财务特征、经营策略的因素进行回归分析,多方面探求账户定价的影响因素。通过分析发现,活期付息存款账户利率定价受到日均存款余额、账户管理费和平均负债成本的影响,日均存款余额越低、账户管理费越低、平均负债成本越低的银行利率也更低。而活期付息存款账户管理费服务定价则受到日均余额、开户起点、资产增长率和资产收益率的影响,日均余额要求越高、开户起点越高、资产增长率越高、平均资产收益率越低的银行账户管理费越高。而资产对其的影响由于样本量太小并不显著,但是在实际调查中仍能发现高资产的银行利率水平更低,账户管理费水平更高。当然,本文的写作也面临相当多的困难。首先,由于美国对银行账户收取管理费的时间仅有20多年,国内外都没有足够多的文献对此进行研究,因而所能参考的内容十分有限；其次,由于样本所选择的数据较多较杂,需要通过各家银行网站的公告、年报进行搜集,但银行网站会存在信息更新不及时或账户信息缺失的情况导致部分数据不能采用,因此需要对所收集的样本进行筛查,选取真正对实证有用的数据,摒弃对结果的干扰,但也会造成样本量不够大的缺点。最后,在变量的选择和研究方法的选取上也因为参考文献的不足受到限制,需要通过查阅资料多加斟酌。
[Abstract]:Since 1970s, great changes have taken place in the world economic development and the international financial situation. The banks in the western developed countries, including the United States, have also undergone a great change. The change in the operating environment has made the banks face enormous external pressure. The pursuit of profitability has promoted the transformation of the business model from the internal, and the science and technology The rapid development has provided strong technical support for financial innovation. The commercial banks of the United States have adjusted their development strategies to adapt to the current situation, change the traditional profit model, and put the development of the intermediate business in the main position. As one of the middle business income projects in the bank, the account management fee has also become an important component of the bank's profit. Although the collection of management fees for deposit accounts is very common in the United States, there is not enough literature to study the specific implementation behavior. Most of the data are analyzed only from the account management fee, only a small amount of information has been explored for the factors affecting the cost level. And how does the American commercial bank gradually collect fees from providing free accounts, and what are the standards to determine the price of products and services? What are the reasons for the difference in the management fee of commercial banks? The design of products and services by American commercial banks will play an important role in inspiring and drawing lessons from the design of products and services by the commercial banks of the United States. This paper starts with the most developed American financial industry and studies the factors affecting the management fee of the US current interest payment account. According to the idea of combining theory with demonstration. First, it analyzes the reasons for the charge of account management and the theoretical basis for its influencing factors. Secondly, it makes an empirical test on the theory of analysis, and finally explains and summarizes the empirical results. The article mainly includes introduction, concept definition and related theory, the development of bank deposit business in the United States, and the theory of the development of bank deposits in the United States. This part mainly expounds the background of the topic, the research target, the research content, the analysis method, and the overall framework and innovation point of the full text. The collection of account management fees is related to the customer's choice and the realization of the bank profit, but it is seven parts. At home and abroad, the study of its pricing literature is relatively small, and most of the reasons are biased to explain, only a small amount of literature on its impact factors analysis, and therefore has a greater value of research. The second part: first, through the concept of defining the research object of this paper one by one, the current interest payment account management fee, and A simple description of it is made. As the United States adopts the model of separate pricing of deposit accounts, the pricing of the interest rate deposit account will be divided into two parts in the following research. Secondly, the theory of bank product pricing, interest rate fixed price and service pricing theory will be combed. In the end, most of the articles on the factors affecting the interest rate pricing are focused on the market factors, which is also the main interest rate of each bank under the liberalization of interest rates in the United States. Because less literature focuses on bank characteristics and account characteristics, this paper will pay more attention to the study of these two factors in the analysis, and the literature of account service pricing is still focused on the exploration of its causes, and only a few points are taken into consideration of the factors affecting it. Analysis, and consider the factors that focus on account characteristics, so in the empirical analysis of this paper will also add more bank characteristics to study the relationship. The third part: through a brief summary of the development and status of the bank deposit service in the United States, it leads to the change of bank deposit accounts and account management fees. In the study of the form, characteristics and charge of account management fees of the interest deposit account, the real case analysis of Citibank, the United States bank and the southern bank is used to find out the design and components of American interest payment deposit products, including interest rate, starting point, daily balance, preferential and service, punishment (account management fee) and so on. The study of the pricing of an interest rate deposit account generally includes two points: one is clear pricing, a certain use fee is paid to the depositor's deposit through the interest rate pricing; the other is implied pricing, and the daily balance and the number of preferential services enjoyed by the account management fee are stipulated only in accordance with the conditions of the daily balance. In this paper, the research on the management fee of the current interest deposit account is also carried out through two parts: the clear pricing (interest rate pricing) and the implied pricing (service pricing). The fourth part: from the theoretical point of view, the reasons for the charge of charging account management are explained. First, from the perspective of maximizing the profit of the bank. Starting with the relationship between the bank service and the minimum balance of the current interest payment account, the higher the minimum balance requirement is, the more free services the depositors can enjoy. Secondly, the reasons for the interest payment on the current interest payment account are explained by the interest rate pricing theory, and the charge is collected through the contract theory. The reasons for the account management fee and the explanation of the incentive and restraint brought to the depositors. Finally, it is concluded that the charge of account management has the function of making up the cost to a certain extent and stabilizing the behavior of the depositors. The fifth part is to refine the pricing principles and methods of the current account payment account, and to divide the accounts by dividing the accounts. The three factors (interest rate, starting point and daily balance balance) are determined, and the pricing method of the management fee can be determined according to the business objectives and pricing principles of commercial banks. The pricing method is divided into two parts, which are divided into interest rate pricing and account management fee service pricing separately. The selection of relevant variables in the empirical analysis lays a theoretical foundation. The sixth part: using the collected data to make an empirical analysis on the influencing factors of the cost of the current account management. Based on the relevant data of the Bank of different assets in the United States, the relevant correlation between the elements of the bank account is preliminarily identified by the descriptive analysis. After the Department, the empirical method is used to test the relationship between the account management fee of the current account and its account components. First, it is assumed that there is a significant correlation between them. Secondly, the variables are selected and the model is set, and Eviews7.2 is used to test whether the model has multiple collinearity and heteroscedasticity. The model obtains the correlation coefficient and the level of significance. Finally, it compares the theoretical results with the empirical conclusions and analyzes the reasons for the difference. In the selection of the cost of the account management fee of the current interest rate deposit account, it includes the account characteristics (interest rate, the starting point of the account, the balance of the daily deposit), and the bank characteristics (assets, asset growth rate, average capital). The rate of return, average liability cost), because the explanatory variable and the explained variable are all continuous variables, the multiple linear regression model is adopted. The seventh part: summarize the content of the full text, and explain the shortcomings of the article. Because the problems involved in this paper are not too much theoretical support, the first time is to make the first price analysis. First, the reasons for pricing are analyzed, followed by the factors related to pricing, and the selection of influencing factors is the innovation of this article. In the interest rate pricing, the range of interest rates is limited to the current account, which is different from the large consideration of the market factors in the past, and the characteristics of the account and the characteristics of the bank are selected. In terms of service pricing, we also select the scope of the account in the current interest payment deposit, and add more factors that reflect the financial characteristics of the bank, the factors of the management strategy and the factors that affect the pricing of the accounts. The lower the balance of the average debt cost, the lower the balance of the daily savings account, the lower the account management fee and the lower the bank interest rate of the average debt cost, and the higher the daily balance, the higher the starting point, the higher the starting point, the higher the balance of the daily balance, the higher the balance of the daily balance, the higher the starting point, the higher the starting point, the higher the balance of the daily balance, the starting point of the account, the growth of assets and the yield of the assets. The higher the growth rate is, the higher the bank account management fee is, the lower the average asset yield is, and the impact of the assets on it is not significant because the sample size is too small. But in the actual investigation, the bank interest rate of the high assets is lower and the account management fee is higher. The United States has only 20 years to charge a bank account for management fees. There is not enough literature at home and abroad to study it, so the reference is very limited. Secondly, because the data of the sample are more complex, it needs to be collected through the bulletin of every bank website and the annual report, but the bank website will have more information. New untimely or missing account information results in some data that can not be used. Therefore, it is necessary to screen the collected samples, select the real useful data, abandon the interference to the results, but also cause the shortcoming of the large sample size. Finally, the selection of variables and the selection of research methods are also the reference literature. The shortage is limited, and we need to consider carefully the data.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F831.2

【参考文献】